The calculation will be based on factors such as smoking, diet and
wealth.

Pensions minister Steve Webb, who said in March that people should
be free to blow their pension savings on a Lamborghini if they wanted,
made the announcement yesterday, warning that most people would end up
living much longer than they think.

He said: "For best guidance you probably think about how long
your grandparents lived. But that's two generations out of
date."

Mr Morris said: "Older people need financial security in
retirement. But once again we have a minister making a crass remark.

CRUDE "I suspect Steve Webb has now realised that the state
ultimately will have to pick up the tab if retired people don't
budget prudently and end up blowing their retirement funds on luxury
items."

Neil Duncan-Jordan of the National Pensioners Convention said:
"I think people will either laugh at this idea or be very upset by
it. It's crude, blunt and a bit gimmicky.

"If you were told you were going to live to 98, you'd
probably think, 'That's all right', but if you only made
it to 78, you'd be upset."

In the Budget, George Osborne revealed that when people retire they
will no longer have to buy an annuity, which gives them an annual income
until death.

Opponents said the death date plans, which will form part of
guidance set to be rolled out next April, have been made because the
annuity shake-up has left ministers worrying about pensioners blowing
their savings.

The figures, released by the Office for National Statistics
yesterday, showed that in 2010-12 life expectancy across the UK was 78.9
for men and 82.7 for women.

tom.mctague@mirror.co.uk VOICE OF THE MIRROR: PAGE 8

CAPTION(S):

SLATED Stuart Webb

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